Apollo Healthcare Corp. Reports Third Quarter Results

Rhea-AI Summary

Apollo Healthcare Corp. (TSX: AHC, OTC QX: AHCCF) reported its financial results for Q3 ended September 30, 2021. The Company generated revenues of $31.5 million for the quarter and $115.4 million for the nine-month period with an EBITDA of $5 million and $31.8 million, respectively. Apollo remains debt-free with $35.2 million in cash and a $50 million revolving credit facility. Notably, the Company announced an acquisition agreement with Anjac SAS on November 5, 2021. Detailed financial statements are available on SEDAR.

Positive

• Q3 2021 revenues of $31.5 million and $115.4 million for nine months.
• EBITDA for Q3 at $5 million and $31.8 million for nine months.
• Debt-free status with $35.2 million cash on hand as of September 30, 2021.
• Access to a $50 million revolving credit facility.

Negative

• Acquisition by Anjac SAS may create uncertainty regarding operational control.

TORONTO--(BUSINESS WIRE)-- Apollo Healthcare Corp. (TSX: AHC, OTC QX: AHCCF) (“Apollo” or the “Company”) today announced financial results for the third quarter ended September 30, 2021.

The Company’s unaudited interim financial statements for the three and nine months ended September 30, 2021, as well as its accompanying management discussion and analysis (MD&A) have been filed on SEDAR. Copies of the filings may be obtained at www.sedar.com. All values in this news release and the Company’s financial disclosures are in Canadian dollars unless otherwise stated.

Highlights

• Revenues were $31.5 million and $115.4 million and EBITDA was $5 million and $31.8 million for the three and nine month periods ended September 30, 2021, respectively.

• The Company is debt free, had cash on hand of $35.2 million at September 30, 2021 and has access to a $50 million revolving facility from its commercial bank.

• On November 5, 2021, the Company announced it had entered into an arrangement agreement pursuant to which it would be acquired by Anjac SAS. Please refer to the Company’s press release dated November 5, 2021 which may be found at www.sedar.com for additional details.

Please refer to the Company’s Management’s Discussion and Analysis (which may be found on www.sedar.com) for additional detail and discussion regarding the Company’s results from operations.

Advisories:

Cautionary Note Concerning Forward Looking Statements

This news release includes forward looking statements. All such statements constitute forward looking information within the meaning of applicable securities law and are made pursuant to the “safe harbour” provisions of applicable securities laws. Forward looking statements include, but are not limited to statements about other anticipated future events or results, including comments with respect to Company’s future financial performance and condition. Forward looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of the Company’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. The forward-looking information contained in this news release is presented for the purpose of assisting readers in understanding the Company’s business and strategic priorities and objectives. A number of risks, uncertainties and other factors may cause actual outcomes or financial results to differ materially from the forward looking statements contained in this news release, including, among other factors, those referenced in the section entitled “Risk Factors” in the Company’s annual information form for the year ended December 31, 2020, a copy of which is available on the SEDAR website at www.sedar.com under the Company’s profile. Forward looking statements contained in this news release are not guarantees of future outcomes performance and, while forward looking statements are based on certain assumptions that the Company considers reasonable, actual events could differ materially from those expressed or implied by forward looking statements made by the Company. Readers are cautioned to consider these and other factors carefully when making decisions with respect to the Company and to not place undue reliance on forward looking statements. Circumstances affecting the Company may change rapidly. Except as may be expressly required by applicable law, the Company does not undertake any obligation to update publicly or revise any such forward looking statements, whether as a result of new information, future events or otherwise. These cautionary statements expressly qualify all forward looking statements in this new release. In addition, past results are in part, reflective of the unique environment that existed during the past fiscal year and is no guarantee of future financial performance.

Non-IFRS Financial Performance Measures (Unaudited)

Adjusted net income (loss), EBITDA and adjusted EBITDA are not recognized measures under IFRS and this data may not be comparable to data presented by other companies.

Adjusted net income (loss) is calculated by adjusting net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for the exclusion of certain other income and expense items determined in accordance with IFRS. The Company believes that this generally accepted measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. Adjusted net income (loss) is intended to provide investors with information about the Company’s continuing income generating capabilities. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

EBITDA is calculated by adjusting net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for finance costs, current and deferred income tax, depreciation and amortization expenses. The Company believes that this measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. EBITDA is intended to provide investors with information about the Company’s continuing income generating capabilities. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

Adjusted EBITDA is calculated by adjusting net income (loss) as recorded in the unaudited condensed consolidated interim statements of income (loss) and comprehensive income (loss) for the exclusion of certain other income and expense items determined in accordance with IFRS, being the calculation for adjusted net income (loss) and then further adjusting for finance costs, current and deferred income tax, depreciation and amortization expenses. The Company believes that this generally accepted measure allows the evaluation of the results of continuing operations and is useful in making comparisons between periods. Adjusted EBITDA is intended to provide investors with information about the Company’s continuing income generating capabilities. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211112005725/en/

Paul Bozoki, Chief Financial Officer

Email: info@ahcinvestor.com

Phone: 437-882-1564

https://apollohealthcarecorp.com/

Source: Apollo Healthcare Corp.

FAQ

What were Apollo Healthcare's revenues for Q3 2021?

Apollo Healthcare reported revenues of $31.5 million for Q3 2021.

What is the EBITDA for Apollo Healthcare for the nine months ended September 30, 2021?

Apollo Healthcare's EBITDA for the nine months ended September 30, 2021, was $31.8 million.

Is Apollo Healthcare debt-free?

Yes, Apollo Healthcare is debt-free and had $35.2 million in cash as of September 30, 2021.

When did Apollo Healthcare announce its acquisition by Anjac SAS?

Apollo Healthcare announced its acquisition by Anjac SAS on November 5, 2021.

Where can I find the financial statements of Apollo Healthcare?

The financial statements of Apollo Healthcare can be found on SEDAR at www.sedar.com.